Immocorp Capital pays $15M for site of Miami Gardens City Center
Mixed-use project planned with multifamily, hotel, retail and entertainment
The city of Miami Gardens sold nearly 36 acres near Hard Rock Stadium to Immocorp Capital for $15.4 million, where the development group plans to build a mixed-use project.
Immocorp, led by CEO Gilbert Benhamou, and Pascal Cohen, closed on the 35.6-acre assemblage about two weeks ago with plans to build Miami Gardens City Center, Benhamou said. The two parcels are on the east side of Northwest 191st Street and Northwest 27th Avenue.
As planned, Miami Gardens City Center would have about 480 multifamily units, one extended stay hotel and one limited service hotel, and about half a million square feet of retail and entertainment space. The developer is working on finalizing the site plan and hopes to break ground within a year, Benhamou said.
The property is south of Hard Rock Stadium, which is owned by Related Companies’ founder and chairman and Miami Dolphins owner Stephen Ross. Ross recently completed a $500 million renovation of the stadium, which hosted Super Bowl LIV last month. The Miami Open tennis tournament and Formula 1 race are expected to be held at the stadium later this year.
Some developers who have built or proposed projects in Miami Gardens believe the renovations may bring about new interest in the city as a whole. Los Angeles-based Latigo Group recently broke ground on a 259-unit apartment project at 19279 Northwest 27th Avenue in Miami Gardens. It’s part of a bigger mixed-use project that will include a 37,000-square-foot building on a 4.63-acre parcel that will be leased to 24 Hour Fitness.
Aventura-based Immocorp has projects throughout South Florida. The firm is working with OD Hotels on plans to rebuild a historic downtown Miami property into a hotel.